“There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default swaps. The first… — Michael Lewis Copy Share Image
“On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football:… — Michael Lewis Copy Share Image
A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on… — Michael Lewis Copy Share Image
“A credit default swap was confusing mainly because it wasn’t really a swap at all. It was an insurance policy, typically on… — Michael Lewis Copy Share Image
“When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default… — Michael Lewis Copy Share Image
“Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions… — Michael Lewis Copy Share
“You saw someone who reminded you of you, and then you looked for the reasons why you liked him. The” — Michael Lewis Copy Share
“At other places management says, ‘Well, gee, fellas, do we really want to bet the ranch on this deal?’ Lewie was not only willing… — Michael Lewis Copy Share
“BILLY WOULD SAY later that his wife left him because she was unnerved by his intensity—that she could even see it in his hands… — Michael Lewis Copy Share
“The great thing about baseball players, from the point of view of personal hygiene, is how seldom they break a sweat.” — Michael Lewis Copy Share
There was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on… — Michael Lewis Copy Share
“The author refers to a player's affected nonchalance and comments he is, "too young to realize you are what you pretend to be.” — Michael Lewis Copy Share
A banking system is an act of faith: it survives only for as long as people believe it will. — Michael Lewis Copy Share
Some coaches believed they could judge a player's performance simply by watching it. In this they were deeply mistaken. The naked eye was an… — Michael Lewis Copy Share
“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much… — Michael Lewis Copy Share
“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the… — Michael Lewis Copy Share
“The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost… — Michael Lewis Copy Share
“It's not easy to stand apart from mass hysteria - to believe that most of what's in the financial news is wrong, to believe… — Michael Lewis Copy Share
“Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from one market… — Michael Lewis Copy Share
